The downturn in Bitcoin's price is fueled by a dramatic reduction in demand from permanent holders and large investors known as 'whales'. Permanent holders have slashed their monthly growth by 50%, from over 200,000 BTC in late March to just 96,000 BTC.
Increased selling pressure from long-term holders often signals a broader market anticipation of a downturn. When there's a significant increase in selling pressure from long-term holders, it typically indicates that most 'relevant' market participants anticipate a sell-off.
The decrease in demand is further evident in the sharp reduction of Bitcoin purchases from spot exchange-traded funds (ETFs) in the United States. After peaking in mid-March with daily purchases exceeding $1 billion, the current buying rate from these ETFs has fallen significantly.
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